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Natural Stone Exports
BSE: 513638|ISIN: INE893G01017|SECTOR: Ceramics/Granite
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Directors Report Year End : Mar '98   
The Board of Directors have pleasure in presenting the Thirteenth
 Annual Report together with the Audited Statement of Accounts for the
 year ended 31st March, 1998.
 
 FINANCIAL RESULTS
 
                                                             Rs. in lacs
 
                                            Current year   Previous year
                                                 1997-98         1996-97
 
 Sales and other income                            17.99           89.36
 
 Loss before depreciation, interest 
 and tax                                           50.82           10.38
 
 Less : Depreciation                               16.86           16.86
 
 Interest                                          17.18           22.80
 
 Loss before tax                                   84.86           50.04
 
 Less : Provision for tax                              -               -
 
 Loss after tax                                    84.86           50.04
 
 Add : Balance brought forward                    123.44          221.89
 
 Balance available for appropriation               38.58          171.85
 
 Add/(Less) : Prior year adjustments 
 (Net)                                                 -         (48.41)
 
 Surplus carried to Balance Sheet                  38.58          123.44
 
 DIVIDENDS
 
 In view of the loss the Directors regret their inability to recommend
 any dividend.
 
 OPERATIONS
 
 The Company is an 100% Export Oriented Unit and sole efforts were made
 to explore the market.  However, due to recession in the international
 market, particularly in granite industry, the company's major export
 orders/enquiries got cancelled, resulted in poor performance for the
 current financial year.
 
 PROJECTIONS V/S PERFORMANCE
 
 The comparative details of Projected Profitability Statement as per the
 Prospectus with the actual Profitability Statement for the year ended
 31st March, 1998 are mentioned below :
 
                                                             Rs. in lacs
 
 Particulars                                 Projections          Actual
 
 Sales and other income                          1707.47          17.99
 
 Profit/(Loss) after tax                          490.68         (84.86)
 
 Reserves                                         748.93          63.58
 
 Earning per share                                  5.45              -
 
 Dividend                                            25%            Nil
 
 Reasons for Variation :
 
 Due to overall recession in the industry in India and particularly in
 granite exports, the management has decided to defer the implementation
 of the project.
 
 DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of Association of the Company Shri. Gautam P. Chopra, retire
 by rotation and being eligible, offer himself for re-appointment.
 
 AUDITORS AND AUDITOR'S REPORT
 
 Messrs. PRABHATH P. BHAT & CO., Chartered Accountants, Bangalore retire
 as auditors at the ensuing Annual General Meeting and are eligible for
 re-appointment.  The notes to the accounts referred to in the Auditor's
 Report are self explanatory and, therefore does not call for any
 further comments.
 
 FIXED DEPOSITS
 
 The Company has not accepted any fixed deposits during the year.
 
 PARTICULARS OF EMPLOYEES
 
 There was no employee drawing remuneration in excess of the limits
 prescribed under Section 217(2A) of the Companies Act, 1956 and hence
 the question of furnishing details hereunder does not arise.
 
 INDUSTRIAL RELATION
 
 The Industrial relations were cordial both at the office and at it's
 works through out the year.
 
 ADDITIONAL INFORMATIONS
 
 The particulars required under section 217(1)(e) of the Companies Act,
 1956 read with the Companies (Disclosure of particulars in the Report
 of the Board of Directors) Rules, 1988 is given as an annexure to this
 report.
 
 ANNEXURE TO THE DIRECTORS REPORT
 
 Information under section 217(1)(e) of the Companies Act, 1956 read
 with the Companies (Disclosure of particulars in the Report of the
 Board of Directors) Rules, 1988 and forming part of the Director's
 Report.
 
 a) CONSERVATION OF ENERGY
 
 Adequate measures have been taken to avoid wastage of energy.
 
 b) TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
 
 The company has employed professionals to bring improvements in the
 quality of the products as also to explore new varieties of granite.
 The Company keeps itself abreast of technical developments and
 innovations occurring in the industry.  The company is making efforts
 to eliminate wastages in all operations.
 
 c) FOREIGN EXCHANGE EARNINGS AND OUGTO
 
 Activities relating to exports; initiative taken to increase exports
 and development of new export markets of it's products.
 
 Total Foreign Exchange used and earned :                  (Rs. in lacs)
 
                                       Current year        Previous year
 
 i) Foreign Exchange earned :
    Sale of Products (FOB)                    12.11               83.37
 
 ii) Foreign Exchange used :
 
     - On imports of stores                    5.99                7.14
 
     - On business travels                     1.54                3.09
Source : Dion Global Solutions Limited
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